India is on track to become the world’s second largest economy after China by 2075, overtaking both Japan and Germany as well as the US. This is written in the latest report of the American investment bank “Goldman Sachs” (Goldman Sachs), dedicated to the prospects for the gross domestic product of the world’s largest economies, CBS reported.
India currently ranks fifth among countries with the largest annual economic output in the world, ahead of Germany, Japan, China and the United States.
Along with a growing population, a major driver of India’s economic growth, according to Goldman Sachs’ forecast, is the country’s progress in innovation and technology, higher capital investment and rising labor productivity, the investment firm’s report further stated. bank, BTA reported.
“In the next two decades, India’s age dependency ratio will be one of the lowest among regional economies,” said Santanu Sengupta, India economist at Goldman Sachs Research.
A country’s age dependency ratio is the ratio of the number of “dependent” ages (persons under 15 and 65 and over) to the total working-age population. A low age dependency ratio indicates that there are proportionately more working-age people, than children and the elderly.
The key to unlocking the potential of India’s rapidly growing population is to increase people participating in the labor market, Sengupta explains, predicting that India will have one of the lowest dependency ratios among major economies over the next 20 years.
Revenue from India’s technology industry is expected to increase by $245 billion by the end of 2023, according to local non-governmental trade association Nasscom. This growth will be as a result of the good performance of the information technology sector, business process management and software products.
Another American bank, Morgan Stanley, as well as the rating agency Standard & Poor’s Global (S&P Global) also expect that India is on track to become the third largest economy by the end of this decade.
India’s GDP in the first quarter of 2023 grew by 6.1 percent year-on-year, slightly beating the expectations of economists polled by Reuters, who had forecast growth of 5 percent. The growth of the country’s economy for the whole of 2023 is predicted to be 7.2 percent, while in the financial year 2021 it was 9.1 percent.
2023-07-10 12:50:26
#India #economy #world #USA #Labor
